SAFA to Assist Maldives to set up a Professional Accounting Body

Prof. Lakshman R Watawala President of CMA Sri Lanka and the Chairman of the International Relations Committee of the South Asian Federation of Accountants (SAFA) was in Maldives recently and a meeting was held with the Auditor General Mr. Hassan Ziyath and the draft constitution to set up a professional accounting body was officially presented to him. This will enable Maldives to set up a Professional Accounting Body and join the South Asian Federation of Accountants as a member body. The SAFA draft constitution will assist Maldives to set up the Professional Accounting body by an Act of Parliament. It will also enable Maldives to strengthen the accounting and auditing profession serving the public and private sector with assistance from SAFA member countries.

Discussions were held with the Auditor General’s staff, Audit firms registered as A grade auditors and CPA Maldives. The final constitution will be sent to the Legal Draftsman’s Department before submitting for incorporation by Parliament.

Currently SAFA Presidency is held by Sri Lanka and headed by Mr. Arjuna Herath, President of CA Sri Lanka and has the accounting bodies of India, Pakistan, Sri Lanka, Bangladesh and Nepal comprising 9 in all. Sri Lanka has two members CA Sri Lanka and CMA Sri Lanka. Sri Lanka will also be actively involved in assisting Maldives to set up the Professional Accounting body and to provide technical assistance in association with SAFA.